Forex - NZD/USD near 3-week highs on New Zealand manufacturing data

Investing.com - The New Zealand dollar rose to nearly three-week highs against its U.S. counterpart on Thursday, boosted by strong New Zealand manufacturing data, while uncertainty over the future of the Federal Reserve's stimulus program weighed on the greenback.

NZD/USD hit 0.8077 during late Asian trade, the pair's highest since July 29; the pair subsequently consolidated at 0.8076, climbing 0.60%.

The pair was likely to find support at 0.7960, Wednesday's low and resistance at 0.8137, the high of June 14.

The kiwi strengthened after data showed that the Business New Zealand Manufacturing Index rose to 59.5 in July, from a reading of 54.7 the previous month.

Meanwhile, demand for the greenback remained under pressure after data on Wednesday showed that U.S. producer price inflation was flat in July, while core inflation rose less-than-forecast.

The disappointing data raised fresh doubts over whether the economic recovery is strong enough for the Fed to begin unwinding its USD85 billion-a-month asset purchase program later this year.

The kiwi was higher against the euro with EUR/NZD shedding 0.37%, to hit 1.6448.

Later in the day, the U.S. was to release reports on consumer inflation, jobless claims, industrial production and manufacturing data from the Empire state and the Philly Fed.

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